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ASFA seeks AUSTRAC waiver
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has been asked to waive the need for superannuation funds to conduct identity checks of temporary residents departing Australia permanently if they have already been conducted by the Australian Taxation Office (ATO).
The request has come from the Association of Superannuation Funds of Australia (ASFA), which pointed to the likelihood of time delays and double-handling if AUSTRAC did not waive the requirements.
In a submission sent to AUSTRAC late last month, ASFA said that both a paper-based and on-line application system existed with respect to so-called Departing Australia Superannuation Payments (DASP) with the ATO running the online arrangements.
It said all applications made through the ATO’s online system were subject to confirmation of the member’s identity by the ATO and their immigration status with the Department of Immigration and Citizenship.
The ASFA submission claimed that given the procedures involved in the ATO arrangements the money laundering and terrorism financing risk were low.
“An additional customer identification procedure conducted by the superannuation fund is unnecessarily inefficient for all parties concerned and is likely to further mitigate this already low risk,” it said.
AUTHOR
Mike Taylor
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